You'll be lucky to find 1% interest rate savings account around here. Which is why in hesitant to put 10% of my income into it cause that's $10k a year that isn't even keeping up with inflation.
Casually Hardcore, if you are good at saving money, and disciplined enough to leave your nest egg alone (something the vast majority of people fail at), you can get a Fidelity/TD Waterhouse/etc brokerage account with attached checking, debit card, credit card, and online bill pay. Just make sure you leave enough cash equivalents in the account to cover your monthly needs, and to sell shares of stock a few days prior to any large purchase. I would choose the brokerage firm that has a physical office in your city, because sometimes, you just have to talk to someone to get things done quickly.
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Casually HardcoreOnce an Asshole. Trying to be better.Registered Userregular
I already have a Fidelity account for my 401K and employee stock purchase program.
I'd walk into a Fidelity office, open up a brokerage account, write a check from your current checking account for the initial funds, and wait a few days for it to "go live". It should take less than an hour.
You can then ask for a credit card, debit card, direct depost info, checks, and online bill pay for that brokerage account from Fidelity. You'll be able to trade stocks, bonds, mutual funds, and money markets from the get go. If you want to add margin, commodities, futures, and options trading, you'll have to add each of those separately, through separate paperwork, before they'll add those to your account (or at least I did, but I don't use Fidelity), as all 4 of those are easy ways to lose money quickly. And truthfully, if you don't have $100,000+ in your brokerage account, you shouldn't be doing any of those.
A brokerage account, set up properly, is an all-in-one account, that you can do anything with.
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MichaelLCIn what furnace was thy brain?ChicagoRegistered Userregular
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the only way to get your money to do anything is to put it into some kind of financial market of varying risk
How does that brokerage account thing work?
You can then ask for a credit card, debit card, direct depost info, checks, and online bill pay for that brokerage account from Fidelity. You'll be able to trade stocks, bonds, mutual funds, and money markets from the get go. If you want to add margin, commodities, futures, and options trading, you'll have to add each of those separately, through separate paperwork, before they'll add those to your account (or at least I did, but I don't use Fidelity), as all 4 of those are easy ways to lose money quickly. And truthfully, if you don't have $100,000+ in your brokerage account, you shouldn't be doing any of those.
A brokerage account, set up properly, is an all-in-one account, that you can do anything with.